“9.24”一周年！A股十大变化 一图看懂

Core Viewpoint - The A-share market has experienced significant growth and transformation over the past year, marked by a strong bull market, increased trading volume, and notable changes in market capitalization and stock valuations [2][3][4]. Group 1: Market Performance - The Shanghai Composite Index has risen nearly 40% over the past year, with the Shenzhen Component Index increasing over 60%, and indices like the ChiNext and STAR Market doubling in value [3]. - The overall market has shown a bull market characteristic, with the Shanghai Composite Index gaining over 1,000 points and demonstrating a "slow bull" trend since April [3]. - A-share indices have outperformed major global indices, indicating a robust market performance [3]. Group 2: Market Capitalization - The total market capitalization of A-shares has historically surpassed 100 trillion yuan for the first time, reaching approximately 104 trillion yuan by September 22, 2025, a growth of over 30 trillion yuan from the previous year [4][16]. - The market capitalization increased by over 40% year-on-year, reflecting strong investor confidence and market dynamics [4][16]. Group 3: Trading Volume - Daily trading volume in the A-share market has significantly increased, with over 20 trillion yuan becoming the "new normal" since August 13, 2025, marking a historical record [5][16]. - The average daily trading volume in September 2025 reached 24.6 trillion yuan, more than three times higher than the same period last year [5][16]. Group 4: Valuation Levels - The rolling price-to-earnings ratio (TTM) for all A-shares rose from 15.69 times on September 24, 2024, to 22.18 times by September 22, 2025, indicating a valuation increase of approximately 40% [6][17]. - There is a notable divergence in valuation increases among different market segments, with the ChiNext, STAR Market, and Beijing Stock Exchange showing relatively larger increases [7]. Group 5: Margin Financing - The margin financing balance in the A-share market reached approximately 2.4 trillion yuan by September 22, 2025, reflecting a year-on-year increase of over 70% [8][17]. - The margin financing balance has consistently set historical records, indicating heightened investor confidence [8][17]. Group 6: Changes in Leading Companies - The ranking of top companies by market capitalization has shifted, with Industrial Fulian entering the top ten, while the market capitalizations of Kweichow Moutai and China Petroleum have declined [9][18]. - The top ten companies by market capitalization as of September 23, 2025, include major banks and technology firms, reflecting the evolving landscape of the A-share market [9][19]. Group 7: Stock Price Trends - The number of low-priced stocks (below 2 yuan) has significantly decreased to 32, down from 161 a year ago, indicating a general rise in stock prices [10][20]. - Conversely, the number of stocks priced at 100 yuan or more has surged to 167, compared to only 38 a year ago, signaling increased market activity and investor interest in higher-priced stocks [11][22]. Group 8: Sector Performance - Major industry sectors have experienced substantial gains, with telecommunications, electronics, machinery, computing, and automotive sectors all seeing increases exceeding 100% [12][24]. - The overall market trend has been characterized by a strong focus on technology, with tech stocks outperforming traditional sectors [13][23]. Group 9: ETF Growth - The total scale of ETFs in the A-share market has surpassed 5 trillion yuan, reflecting an increase of over 80% year-on-year [14][26]. - The proportion of ETF assets relative to total market capitalization has risen from approximately 4% to 5%, indicating growing influence in the A-share market [14][26].